- Thomson Reuters
Credit Suisse just hired five new bankers for its Americas Healthcare group – and they all come from Barclays.
Punit Mehta and Jordan Bliss join Credit Suisse as managing directors, while Thomas Burkly, Connie Chiang, and Naeem Merchant join as directors.
The new team is expected to start by the first quarter of 2016.
Credit Suisse announced a massive restructuring last week as part of a plan to boost confidence among its investors.
The Zurich-based bank split its investment bank in two as part of the restructuring.
New York-based banker Jim Amine will be head of investment banking and capital markets.
In a statement about the new hires, Amine said:
“Healthcare is an industry in which we expect to grow revenue and market share. The bankers we hired have proven track records of accomplishment with many of the most significant companies in healthcare.”
Mehta and Bliss advised on one of the biggest deals of the year: Israel-based pharmaceutical Teva’s $40.5 billion takeover of Allergan’s generics business.
Healthcare has been a hot sector for investment-banking activity this year. In its first-quarter earnings, Credit Suisse said the “underperformance” of its healthcare team was one of the reasons advisory revenues had dropped, despite an uptick in M&A activity.
Tidjane Thiam took the place of Brady Dougan as the bank’s CEO in July.
Here’s a press release from Credit Suisse:
New York, October 27, 2015 Credit Suisse today announced five key hires in the Americas Healthcare group, reflecting the bank’s ongoing commitment to this highly active sector. These new hires follow the bank’s announcement last week of a plan to grow its Investment Banking and Capital Markets business.
Punit Mehta will join Credit Suisse as a Managing Director and Co-Head of Americas Healthcare, working alongside Michael Muntner and leading the bank’s Life Sciences efforts. Mr. Mehta brings more than 15 years of experience in investment banking to the role, most recently at Barclays, where he was Managing Director and Global Head of Life Sciences in the Healthcare Investment Banking Group.
Jordan Bliss will join the bank as Managing Director in the Americas Healthcare group, also focusing on Life Sciences. He previously worked at Barclays, where he was a Managing Director in the Healthcare Investment Banking Group.
Thomas Burkly, Connie Chiang and Naeem Merchant will also join from Barclays as Directors, reporting to Mr. Mehta and Mr. Muntner. All of the new hires, who will be based in New York, are expected to start by the first quarter of 2016.
The bankers have advised on some of the industry’s most notable transactions, including Teva’s announced acquisition of Allergan’s Generics Business for USD 40.5 billion, Perrigo’s acquisition of Elan for USD 8.6 billion, Endo’s acquisition of Par for USD 8.05 billion, and Mallinckrodt’s acquisitions of Questcor for USD 5.6 billion and Therakos for USD 1.3 billion.
Jim Amine, Head of Investment Banking and Capital Markets, said: “These hires are part of the investment plan we highlighted at our recent Investor Day. Healthcare is an industry in which we expect to grow revenue and market share. The bankers we hired have proven track records of accomplishment with many of the most significant companies in healthcare.”
Stuart Smith, Global Head of Healthcare, said: “We expect the pace of activity in the healthcare sector, and in particular Life Sciences, to continue as participants respond to the market’s need for expanding therapeutic solutions in a highly cost conscious environment. These new hires come at a time of significant activity and will complement our existing strength in the sector.”